The Pension Protection Act of 2006 made significant changes to how 501(c)(3) organizations are classified. The process continues through Treasury Regulations, and some exempt organizations are finding it necessary to restructure in response to the changes. This presentation will explain the difference between private foundations and public charities and will describe the different types of public charities including Type I, Type II, and Type III supporting organizations. The topics discussed will be of interest to practitioners that form and advise I.R.C. Sec. 501(c)(3) organizations. Practitioners who represent institutional trustees (such as bank trust departments) should consider attending to learn about how the new rules affect their clients charitable trusts.
Learning Objectives:
• To understand how a 501(c)(3) organization is classified as either a "private foundation" or a "public charity" and the implications of that classification.
• To become familiar with the legislative changes made by the Pension Protection Act of 2006 and how the ongoing regulatory process has implemented those changes
• To discuss planning opportunities that might be available to organizations that struggle with their newfound Type III supporting organization status

The method of presentation is group-live instruction and the program level is basic. There are no prerequisites for this course nor is there any advanced preparation required.